Arbitrum, the largest layer-2 (L2) blockchain network, experienced a significant surge in average fees as daily on-chain transactions increased. The network currently boasts a Total Value Locked (TVL) of $2.97 billion.
According to data from Dune, the daily average fees on Arbitrum spiked by 97.8% earlier today, reaching $0.015 per transaction. However, the fees have since dropped sharply and are now at $0.007.
The rise in average fees on Arbitrum coincided with a jump in daily on-chain transactions from 1.7 million to 2.3 million on June 11.
In comparison, Zora Network currently offers the lowest transaction fee among L2 blockchains at $0.0029 per day, while Scroll Network stands out as the most expensive with an average fee of $0.108.
The native token of Arbitrum, ARB, saw a 0.33% decline in the past 24 hours and is currently trading at $0.94 with a market cap just above $2.7 billion, ranking it as the 38th-largest cryptocurrency.
Arbitrum recently introduced the Gaming Catalyst Program, which aims to distribute 225 million ARB tokens, valued at around $215 million, to game developers within the web3 community.
Furthermore, on April 25, Arbitrum, along with Optimism, Polygon, StarkWare, and zkSync, integrated Avail’s data availability layer to support developers in building efficient, scalable, and interoperable blockchain networks.
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